The Hindu Business Line : Rupee breaches 47 at close

Sustained demand for the greenback and strengthening of the dollar in the overseas markets pushed the rupee to close above 47 levels sagainst the dollar on Friday, the first time in five years. The rupee depreciated by around 47 paise against the dollar. The day saw high volatility with the rupee moving intra-day in the range of 45 paise.

The domestic currency opened lower at 47.16/18 and weakened to touch an intra-day low of 47.27/28. It then recovered to touch an intra-day high of 46.82/84 before weakening again to close at 47.08/10, as against the previous close of 46.61/62. It opened weaker on account of global strengthening of the dollar. Also, the rupee tracked the movement of the global indices, all of which closed in the red, said a dealer with a private bank.

Large-scale dollar selling by the Reserve Bank of India and big corporate houses pulled up the rupee to its day’s high. But sustained demand for the greenback from oil companies and importers along with the 529-point crash in the Sensex ensured that the rupee closed above 47, added the dealer. The rupee is expected to be in the range of 47-47.40 next week, said forex dealers. In the forward market, the 6-month premium closed lower at 0.44 per cent (0.65) and the 12-month ended at 0.57 per cent (0.66). –

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